A Hedonic House Price Index for Turkey

Timur Hulagu, Erdi Kızılkaya, Ali Gencay and Pınar Tunar

Chapter 15 in Papers presented during the Narodowy Bank Polski Workshop: Recent trends in the real estate market and its analysis - 2015 edition, 2016, pp 179-202 from Narodowy Bank Polski

Abstract: In the 2010-2015Q1 period, housing prices increased 78.8 percent in Turkey, which raises needs to carefully monitor the housing market dynamics. This increase is widespread across the country where prices have even doubled in some regions. Our study performs a hedonic price adjustment for the housing market in Turkey, where we control for the price effects of increases in observed house characteristics in time. Results show significant increases in quality of houses sold, which in turn suggests that identifying all the price increase as real appreciation may be misleading. In particular, we estimate that one fourth of nominal changes and one half of real changes in price stem from quality improvements in general.

Keywords: House price index; hedonic regression; characteristic prices; asset price bubbles. (search for similar items in EconPapers)
JEL-codes: R31 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (4)

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